This is a very large claim.
First, what do you mean by "old English" - Old English, otherwise known as Anglo-Saxon? Middle English? Early Modern? Something as old as your grandparents?
Then, can you divide the name up into its components? Which bit of it, in your opinion, means "beautiful", which means "breath" and which means "life"?
Next, where did you find this name? Without a proper reference, not much can be done or said.
Finally, what would your answer be if I said that it looked to me very much like a variation of Evelyn
Looking forward to your reply!